"What we wanted to say today is that this stock still has a lot of upside," Mr White said. "I think we'll look back and laugh at a time when people questioned whether Apple would reach $1 trillion in market cap."

Shares in Apple climbed 2.8pc to $616.26 on Monday, giving the iPad maker a market value of $573bn (€429bn).

The shares are already up 50pc this year and Mr White expects expansion in China and the likely launch of an Apple TV product to help drive future growth.

While he has the most eye-catching price target, Mr White is just one member of the very crowded "buy camp" when it comes to the iPhone maker. According to Bloomberg data, of the 55 analysts who cover Apple, just one has a sell rating.